Question: true or false with explanation 1.Under the Average daily balance method (ADB), the interest of a loan is calculated by multiplying the daily interest rate

true or false with explanation

1.Under the Average daily balance method (ADB), the interest of a loan is calculated by multiplying the daily interest rate with the average amount owed at the end of each day.

2. Henry has $2,500 for a down payment and thinks he can afford monthly payments of $400 to be paid at the end of each month. If he can finance a vehicle with an 8%, 3-year loan, the maximum amount Henry can spend on the car is $15,265 (correct to nearest integer).

3. A financial plan must be measurable so that one can design an investment plan accordingly.

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